Vast Resources (LSE:VAST), the AIM-listed mining company, has moved closer to completing its proposed reverse takeover (RTO) of Gulf International Minerals, with due diligence nearly finished and the Government of Tajikistan now confirming organisational changes at the Aprelevka site.
Updated exploration work at Aprelevka's Soviet Tailings Facilities has firmed up the resource picture, with a 41-trench sampling programme and 152 drill holes returning gold grades up to 5.33 g/t and silver grades as high as 1,232 g/t.
Mineralised inventory across the two tailings facilities is now estimated at between 6,645 and 7,358 kilotonnes, though tonnage ranges remain pending bulk density testing.
Metallurgical rougher flotation tests showed increased silver concentrations, though the concentrate has not yet undergone the cleaning and scavenging stages needed to reach sales specification.
On financing, Vast has received three non-binding term sheets for debt and offtake facilities and is working toward at least one binding agreement before RTO completion.
The company is also in talks with existing creditors A&T Investments SARL and Mercuria Energy Trading to extend loan terms until completion, with repayment expected to come from diamond sales, placing proceeds, or new debt and offtake arrangements.
"The Board remains confident further Loan Facility Extensions can be agreed in order to support completion of the Proposed Transaction," the company said.
Vast said it would provide a further update on diamond processing and sales shortly.
